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I was a MD at D, now at another big 4. Definitely felt like a second class citizen and had metrics equivalent to Ps who earned 2x what I did. Strongly recommend P but interested if anyone has an opposing viewpoint
I’m at EY, was at D before. Same at EY but much nicer people. Still 2nd class as an MD and it’s been getting worse lately.
I grew up at Deloitte and worked there for years. MDs are absolute and total second class. There’s threads about this here if you use the search function. Someone will prob chime in and say it’s not true, but it is. Homegrown SMs who are on track are treated with more respect than most MDs. As MD1 mentioned, metrics are pretty similar and comp is not. Nor is level of authority or respect.
Don’t think there is a difference in prestige and client respect. Those are earned with how we do what we do. Not by title. Have far too many examples to give, but will not in a public forum. If a client service leader starts thinking he is second class - that’s a mistake they make. If they can deliver world class, the industry and clients don’t care about their title.
Remember - neither 99.5 percent of P or D are recognizable while traveling in public. It’s what you get done that matters.
The Partner who posted the laughing icon - showed real class. Now you know …. Not every P has the character to be a leader. Not even in an anonymous forum. 😃
Not a big comp difference but a huge difference in prestige, client respect, and contribution to retirement (huge)
I see a lot on here of people who left providing POVs. That’s a pretty biased view. So my ask is to give specific examples of second class citizen treatment and things you see as a macro issue. Just because it happened to you doesn’t mean it’s a role issue… could be a you issue.
I’m a P so I’m obviously biased with my experience. I’m also only in my 6th year so maybe this is more evident as you move up. What I see is pretty little difference thus far. All my accounts (3) treat PMDs equally for market opportunities. As I compare to MD peers who made it the same year as me, all have similar leadership roles in OPs and accounts (though Ps definitely own the higher LCSP space for sure). All my MD peers have lower goals than I do and it’s not even close. So yes I’m paid a bit more at this point (certainly not even close to 2x as noted above) but the goals are proportionate.
I’m not saying things don’t change as you m or farther up the chain. But so far, things are very equal and not second class for my MD peers.
Risk word but literally No Partners think MDs are above Partners…some Partners certainly feel above MDs
The involuntary churn rate for MDs can be high.
Coach
And the voluntary. I once had a headhunter tell me she loves to target direct admit MDs from Deloitte at the 2 year mark because they tend to be miserable.
Real difference is 2-3x
Difference in prestige between P and MD varies from audit to tax to consulting. At least in consulting, where I am assuming you were offered given option of Principal, I believe the prestige delta is smallest, to the point of being imperceptible in many cases.
Comp differences, especially after many years at level, do build up to be material. But metrics differences seem to as well.
I think many choose an MD path to maintain a modicum of work life balance. For others, this is the only path offered.
If you want uncapped monetary potential and are willing to work for it, go P.
Having been both my comp structure is different but the actual money is about the same.
So many factors from age to wha you want to do that this question is impossible to answer
I was given option for principal, but I didn’t want to go back to client service and the crazy demands it entails. I know I missed out on a significant compensation increase, but I already have a healthy net worth and time with family was more important than a higher salary. I’m internal so I don’t have the same problem of “same metrics different pay”.
To have client service targets.
Is the starting compensation similar?
Yes. They have made statements that the retirement benefits are different and we still have to get into the details.